奇波雷墨西哥燒烤 (CMG) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to the Chipotle Mexican Grill Third Quarter 2022 Results Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Chipotle Mexican Grill 2022 年第三季度業績電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.

我現在想將會議轉交給投資者關係和戰略主管 Cindy Olsen。請繼續。

Hello, everyone, and welcome to our third quarter fiscal 2022 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

大家好，歡迎參加我們的 2022 財年第三季度財報電話會議。到目前為止，您應該可以訪問我們的收益新聞稿。如果沒有，可以在我們的投資者關係網站 ir.chipotle.com 上找到。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projections in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Q for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

我將首先提醒您，本演示文稿中關於我們未來業務和財務業績的某些陳述和預測構成前瞻性陳述。這些陳述基於管理層當前的業務和市場預期，我們的實際結果可能與前瞻性陳述中的預測存在重大差異。請參閱我們的 10-K 表格年度報告和 10-Q 表格中包含的風險因素，以討論可能導致我們的實際結果與這些前瞻性陳述不同的風險。

Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the presentation page within the Investor Relations section of our website.

我們今天的討論將包括非公認會計準則財務指標。可以通過我們網站“投資者關係”部分的演示頁面中包含的鏈接找到與 GAAP 措施的對賬。

We will start today's call with prepared remarks from Brian Niccol, Chairman and Chief Executive Officer; and Jack Hartung, Chief Financial and Administrative Officer, after which we will take your questions. Our entire executive leadership team is available during the Q&A session.

今天的電話會議將以主席兼首席執行官布萊恩·尼科爾（Brian Niccol）的準備講話開始；以及首席財務和行政官 Jack Hartung，之後我們將回答您的問題。我們的整個行政領導團隊都可以在問答環節進行。

And with that, I will turn the call over to Brian.

有了這個，我會把電話轉給布賴恩。

Thanks, Cindy, and good afternoon, everyone. Our third quarter results demonstrated the resiliency of the brand and strength of our organization in managing through a difficult consumer environment along with the inflationary headwinds we have experienced over the past 18 months.

謝謝，Cindy，大家下午好。我們第三季度的業績證明了我們組織在過去 18 個月經歷的艱難的消費者環境以及通貨膨脹逆風中的品牌彈性和實力。

For the quarter, sales grew 14% to reach $2.2 billion, driven by a 7.6% comp. In-store sales grew by 22% over last year. Digital sales represented 37% of sales. Restaurant-level margin was 25.3%, an increase of 180 basis points year-over-year. Adjusted diluted EPS was $9.51, representing 35% growth over last year, and we opened 43 new restaurants, including 30 Chipotlanes.

本季度，銷售額增長 14%，達到 22 億美元，增長 7.6%。店內銷售額比去年增長了 22%。數字銷售額佔銷售額的 37%。餐廳級利潤率為 25.3%，同比增長 180 個基點。調整後的稀釋後每股收益為 9.51 美元，比去年增長 35%，我們開設了 43 家新餐廳，包括 30 家 Chipotlanes。

In the third quarter, we continue to see a widening of trends by income level with the lower income consumer further reducing frequency. Fortunately, for Chipotle, the majority of customers are from higher-income households, which continue to increase purchase frequency. While it is difficult to predict the macro impact on future spending trends, we know our value proposition remains strong and we experienced minimal resistance to our price increase in the quarter.

在第三季度，我們繼續看到收入水平的趨勢擴大，低收入消費者的頻率進一步降低。幸運的是，對於 Chipotle 來說，大部分客戶來自高收入家庭，購買頻率不斷提高。雖然很難預測對未來支出趨勢的宏觀影響，但我們知道我們的價值主張仍然強勁，並且我們對本季度價格上漲的阻力最小。

To put it into perspective, our average Chicken Burrito Bowl, which makes up about 50% of our orders across the U.S. is below $9 in our restaurants. This is a tremendous value when you consider the quality of our food, including our food with integrity standards, the fresh preparation utilizing classic cooking techniques, the customization, generous portions and of course, the convenience and speed.

換個角度來看，我們餐廳的平均雞肉捲餅碗（約占我們在美國訂單的 50%）的價格低於 9 美元。當您考慮到我們食物的質量時，這是一個巨大的價值，包括我們的食物具有完整的標準、使用經典烹飪技術的新鮮準備、定制、豐富的份量，當然還有便利和速度。

Our fresh preparation is particularly unique when comparing Chipotle to other restaurants. There are not many restaurant options that prepare their food fresh daily, and we do it in all 3,000-plus restaurants. Our restaurant teams begin preparation at 7:30 in the morning to be able to serve our delicious food by the time we open.

在將 Chipotle 與其他餐廳進行比較時，我們的新鮮烹製方式尤為獨特。每天準備新鮮食物的餐廳不多，我們在所有 3,000 多家餐廳都這樣做。我們的餐廳團隊在早上 7:30 開始準備工作，以便在我們營業時能夠供應我們的美味佳餚。

We only use 53 real ingredients, all of which you can pronounce, and our dedicated employees prepare the food in our open kitchens using classic cooking techniques. This includes grilling Fajita Veggies and Adobo Chicken on the Plancha and mashing avocados to make our signature guacamole and making our chips fresh every day.

我們只使用 53 種真正的食材，所有這些食材都可以發音，我們敬業的員工在我們的開放式廚房中使用經典的烹飪技術準備食物。這包括在 Plancha 上燒烤 Fajita Veggies 和 Adobo Chicken，以及搗碎鱷梨來製作我們的招牌鱷梨醬，並讓我們的薯片每天都新鮮。

So again, when you combine all these elements, you get an industry-leading brand with a tremendous value offering. And our 5 key strategies will continue to help us win today while we create the future.

同樣，當您將所有這些元素結合起來時，您將獲得一個具有巨大價值的行業領先品牌。在我們創造未來的同時，我們的 5 項關鍵戰略將繼續幫助我們贏得今天。

Now let me provide an update on each of these strategies, which include: number one, running successful restaurants with a people accountable culture that provides great food with integrity while delivering exceptional in-restaurant and digital experiences; number two, amplifying technology and innovation to drive growth and productivity at our restaurants and support centers; number three, making the brand visible, relevant and loved to improve overall guest engagement; number four, expanding access convenience by accelerating new restaurant openings; and number five, sustaining world-class people leadership by developing and retaining diverse talent at every level.

現在讓我來介紹一下這些策略中的每一個，其中包括：第一，經營成功的餐廳，擁有對人負責的文化，提供誠信的美食，同時提供卓越的餐廳內和數字體驗；第二，擴大技術和創新，以推動我們餐廳和支持中心的增長和生產力；第三，使品牌可見、相關和喜愛，以提高整體客戶參與度；第四，通過加快新餐廳的開業來擴大訪問便利性；第五，通過在各個層面培養和留住多元化人才，保持世界一流的人才領導地位。

First, starting with our restaurants. We remain focused on being brilliant at the basics, including staffing our restaurants with talented team members focused on the foundations of the business. These include having great culinary prepared and ready to serve, open to close in a food-safe environment, improving order accuracy and timing for the digital business and increasing throughput in hospitality for the in-restaurant business.

首先，從我們的餐廳開始。我們仍然專注於在基礎方面表現出色，包括為我們的餐廳配備專注於業務基礎的才華橫溢的團隊成員。其中包括準備好並準備好上菜的美味佳餚，在食品安全的環境中開放或關閉，提高數字業務的訂單準確性和時間安排，以及增加餐廳業務的接待量。

At the end of last quarter, we rolled out an updated training program called Project Square One, which includes training around throughput, digital execution, food quality and hospitality to deliver an exceptional customer experience. We've made some progress during the quarter, but we are not where we need to be. The capabilities of our teams need to and will improve. Chipotle is a restaurant business with high standards, and we need to train and develop our teams so that these standards are met.

在上個季度末，我們推出了一項名為 Project Square One 的更新培訓計劃，其中包括圍繞吞吐量、數字執行、食品質量和款待的培訓，以提供卓越的客戶體驗。我們在本季度取得了一些進展，但我們還沒有達到我們需要的水平。我們團隊的能力需要並且將會提高。 Chipotle 是一家高標準的餐飲企業，我們需要培訓和發展我們的團隊，以達到這些標準。

Additionally, in these uncertain times, it is critical that we treasure the guest, and this will be a primary focus of everyone in operations and across our company. With so much change over the past couple of years brought on by the pandemic, it has been refreshing to focus on the foundation which Chipotle was built.

此外，在這個不確定的時期，我們珍惜客人是至關重要的，這將是運營中和整個公司每個人的主要關注點。過去幾年大流行帶來瞭如此多的變化，專注於 Chipotle 建立的基礎令人耳目一新。

We do see that our highest volume restaurants are meaningfully outperforming lower-volume restaurants in terms of throughput. What these restaurants have in common is experienced managers include that understand the importance of the foundations. As our newer restaurant employees go through the training and get more real-time reps, we believe we will see consistent improvement over time. As we discussed last quarter, we continue to look for ways to enhance our tools and systems to support in-restaurant execution and improve the overall experience for our employees and guests. I am excited to share a pilot that we recently announced as well as an update on Chippy. We are piloting advanced location-based technology to enhance our app functionality and provide a seamless, convenient experience for our guests.

我們確實看到，就吞吐量而言，我們最大量的餐廳的表現明顯優於產量較低的餐廳。這些餐廳的共同點是經驗豐富的經理包括了解基礎的重要性。隨著我們的新餐廳員工接受培訓並獲得更多實時代表，我們相信隨著時間的推移我們會看到持續的改進。正如我們上個季度所討論的，我們將繼續尋找方法來增強我們的工具和系統，以支持餐廳內的執行並改善我們員工和客人的整體體驗。我很高興與大家分享我們最近宣布的試點以及 Chippy 的更新。我們正在試用先進的基於位置的技術，以增強我們的應用程序功能，並為我們的客人提供無縫、便捷的體驗。

For guests who opt in, the program can engage with Chipotle app users upon arrival to our restaurants and utilize real-time data to enhance their experience with our order readiness messaging, wrong pickup location detection, reminders to scan the Chipotle Rewards QR code to checkout and much more.

對於選擇加入的客人，該計劃可以在抵達我們的餐廳後與 Chipotle 應用程序用戶互動，並利用實時數據通過我們的訂單準備消息、錯誤取貨位置檢測、掃描 Chipotle Rewards 二維碼的提醒來增強他們的體驗以結帳以及更多。

And I'm happy to share that Chippy is now in one of our restaurants, and we are excited to test and learn from the autonomous robot that helps our teams make tortilla chips, bringing up their time to serve and support our guests. Chippy is trained to replicate Chipotle's exact recipe to cook the chips to perfection, finishing with a hint of lime juice and a dusting of salt. Additionally, Chippy can make chips throughout the day, which results in fewer outages and improves freshness.

我很高興與大家分享 Chippy 現在在我們的一家餐廳，我們很高興測試和學習自動機器人，幫助我們的團隊製作玉米片，讓他們有時間為我們的客人服務和支持。 Chippy 受過訓練，可以復制 Chipotle 的精確食譜，將薯片烹製至完美，最後加入少許酸橙汁和撒鹽。此外，Chippy 可以全天製作薯片，從而減少中斷並提高新鮮度。

Moving to our branding, our Real Food for Real Athletes platform continues to expand as we rolled it out to football, America's most watched sport. The campaign focusing on athletes that love to eat at Chipotle as part of their training and lifestyle as it helps them to perform their best by providing proper nutrition through real ingredients. At the pearl level, we brought together The 88 Club for the first time in an ad with Dallas football greats who were the #88: CeeDee Lamb, Michael Irvin, Dez Bryant and Drew Pearson. The 88 Club TV ad premiered during Sunday night football and all of the athletes' go-to Chipotle orders were featured in our app. Chipotle's 88 Club content achieved great engagement with millions of views across channels.

轉到我們的品牌，我們的 Real Food for Real Athletes 平台隨著我們將其推廣到美國最受關注的運動——足球而繼續擴展。該活動的重點是喜歡在 Chipotle 吃飯的運動員，將其作為訓練和生活方式的一部分，因為它通過真正的成分提供適當的營養，幫助他們發揮最佳狀態。在珍珠級別，我們首次在廣告中將 88 俱樂部與達拉斯足球巨星 88 強聯合起來：CeeDee Lamb、Michael Irvin、Dez Bryant 和 Drew Pearson。 88 俱樂部電視廣告在周日晚上的足球比賽中首播，所有運動員的 Chipotle 訂單都出現在我們的應用程序中。 Chipotle 的 88 Club 內容在各個渠道獲得了數百萬的觀看次數。

Additionally, at the college level, we took a local approach with the Real Food for Real Athletes campaign in Ohio, which is one of our biggest markets and where we have our largest restaurant support center. We partnered with Ohio State offensive lineman and running back TreVeyon Henderson, on an ad narrated by former Buckeye running by great (inaudible) Archie Griffin.

此外，在大學階段，我們在俄亥俄州開展了真正的運動員真正食品活動，這是我們最大的市場之一，我們擁有最大的餐廳支持中心。我們與俄亥俄州立大學的進攻前鋒和跑衛 TreVeyon Henderson 合作，在由偉大的（聽不清）阿奇·格里芬 (Archie Griffin) 主持的前七葉樹 (Buckeye) 講述的廣告中。

Tapping into the passion, the fans have for their favorite teams and game day excitement, the ad showcase TreVeyon's journey before he runs onto the field and was amongst our highest engaged videos in social media channels.

利用激情，球迷們對他們最喜歡的球隊和比賽日的興奮，廣告展示了 TreVeyon 在他上場之前的旅程，並且是我們在社交媒體渠道中參與度最高的視頻之一。

Shifting to LTOs. We remain comfortable with our cadence of 1 to 2 LTOs a year as it excites our guests and is driving both higher frequency and spend. As you may have seen, we launched Garlic Guajillo Steak in mid-September, which is an entirely new flavor profile featuring tender cuts or freshly-grilled steak with the bold flavor of Garlic And Guajillo peppers and finished with fresh lime and cilantro. In maintaining our relevance in the Metaverse, we premiered the Garlic Guajillo Steak to our community on Roblox where users could grill, season, cut and virtually taste the steak. The first 100,000 users who successfully completed the Chipotle Grill Simulator, received a promotional code that can be redeemed in our restaurants. Again, showing our ability to blend the Metaverse with real life.

轉向 LTO。我們對每年 1 到 2 次 LTO 的節奏感到滿意，因為它讓我們的客人興奮不已，並推動了更高的頻率和消費。如您所見，我們在 9 月中旬推出了大蒜 Guajillo Steak，這是一種全新的風味配置，以嫩切或新鮮烤牛排為特色，帶有大蒜和 Guajillo 辣椒的大膽風味，並以新鮮酸橙和香菜結尾。為了保持我們在 Metaverse 中的相關性，我們在 Roblox 上向我們的社區首次推出了 Garlic Guajillo Steak，用戶可以在其中燒烤、調味、切割和虛擬品嚐牛排。成功完成 Chipotle Grill Simulator 的前 100,000 名用戶收到了可在我們的餐廳兌換的促銷代碼。再次展示了我們將元宇宙與現實生活融合的能力。

Complementing the Roblox experience, we also provided early access to our 30 million Rewards members as we continue to provide Rewards members with added value. While still early days, Garlic Guajillo Steak is getting excellent customer feedback and is driving a higher check as a premium protein experience. However, it is faced with the challenge of rolling over our highly successful Brisket program last year. As a reminder, Brisket ended in mid-November and the Garlic Guajillo Steak program will go through the end of the year.

作為對 Roblox 體驗的補充，我們還為 3000 萬獎勵會員提供了早期訪問權限，因為我們將繼續為獎勵會員提供附加值。雖然仍處於早期階段，但 Garlic Guajillo Steak 正在獲得出色的客戶反饋，並且正在推動更高的檢查作為優質蛋白質體驗。然而，它面臨著推翻我們去年非常成功的胸肉計劃的挑戰。提醒一下，Brisket 於 11 月中旬結束，Garlic Guajillo Steak 計劃將持續到今年年底。

Additionally, following the success of Pollo Asado, we began testing Chicken Al Pastor in Denver and Indianapolis. Chicken Al Pastor adds an exciting level of spice to guests go-to orders. And if successful in the stage-gate process, it could be available for rollout in 2023.

此外，隨著 Pollo Asado 的成功，我們開始在丹佛和印第安納波利斯測試 Chicken Al Pastor。 Chicken Al Pastor 為客人的點菜增添了令人興奮的香料味。如果在階段性過程中取得成功，它可能會在 2023 年推出。

Our next strategic pillar is expanding access, which is still a top request from consumers. We remain on track to open 235 to 250 new restaurants in 2022 and anticipate opening between 255 to 285 restaurants in 2023 barring any further delays in construction or equipment availability.

我們的下一個戰略支柱是擴大准入，這仍然是消費者的首要要求。我們仍有望在 2022 年開設 235 至 250 家新餐廳，並預計在 2023 年開設 255 至 285 家餐廳，除非施工或設備供應出現任何進一步延遲。

Our pipeline remains strong. And as these challenges ease, we are confident that we can get to the top end of our targeted 8% to 10% range.

我們的管道仍然強勁。隨著這些挑戰的緩解，我們有信心能夠達到目標 8% 到 10% 範圍的上限。

In addition to expanding in our core markets, we remain excited about new opportunities, including Alberta, Canada and small towns in the U.S. We plan to enter Alberta, Canada in 2023 with our first location in Calgary. Alberta makes the most sense as our next market to open in Canada as it has 2 of the main cities, including Edmonton and Calgary, each with relatively large populations. Additionally, there is brand recognition as people from Alberta have visited Chipotle restaurants in British Columbia and Ontario.

除了在我們的核心市場擴張外，我們仍然對新的機會感到興奮，包括加拿大阿爾伯塔省和美國的小城鎮。我們計劃在 2023 年進入加拿大阿爾伯塔省，並在卡爾加里開設第一家辦事處。艾伯塔省作為我們在加拿大開設的下一個市場最有意義，因為它有兩個主要城市，包括埃德蒙頓和卡爾加里，每個城市的人口都相對較多。此外，由於艾伯塔省的人們訪問了不列顛哥倫比亞省和安大略省的 Chipotle 餐廳，因此也獲得了品牌知名度。

In the U.S., our small town strategy is also performing very well. Overall, small town restaurants have comparable margins and returns to the company average, and we're excited about the growth opportunity, which is included in our 7,000 long-term restaurant target. I'm also proud to share that opening day sales for a restaurant in a small town in Texas was a new company record. I would like to express my congratulations and gratitude to the restaurant and development teams for making that one happen.

在美國，我們的小鎮戰略也表現得非常好。總體而言，小鎮餐廳的利潤率和回報與公司平均水平相當，我們對增長機會感到興奮，這包含在我們的 7,000 家長期餐廳目標中。我也很自豪地分享德克薩斯州一個小鎮的一家餐廳的開業日銷售額是一項新的公司記錄。我要對餐廳和開發團隊實現這一目標表示祝賀和感謝。

And speaking of teams, our purpose of cultivating a better world starts with our people. The importance of developing our people is paramount to running great restaurants as well as developing future talent to grow. I'm delighted that over 90% of our promotions are internal, and I believe we will continue to see that percentage go up. There are many examples of senior leadership roles that started out as crew members.

說到團隊，我們培養更美好世界的目標始於我們的員工。培養員工的重要性對於經營一流的餐廳以及培養未來的人才成長至關重要。我很高興我們超過 90% 的促銷活動是內部的，我相信我們將繼續看到這個百分比上升。有許多高級領導角色的例子都是從船員開始的。

In fact, one story that particularly moved me was about our team in the Mid-Atlantic region, where our Regional Vice President, Team Director and Field Leader were all promoted from within the organization in March. Our RVP immigrated to the U.S. from Egypt and his first job was as a crew member in 2009. He is another person that has worked his way up from a crew member to Regional Vice President overseeing $1 billion in sales. For perspective, that would be the fourth largest company in Egypt.

事實上，一個讓我特別感動的故事是關於我們在大西洋中部地區的團隊，我們的區域副總裁、團隊主管和現場負責人都在 3 月份從組織內部晉升。我們的 RVP 從埃及移民到美國，他的第一份工作是 2009 年的船員。他是另一個從船員晉升為區域副總裁的人，負責監督 10 億美元的銷售額。從長遠來看，這將是埃及第四大公司。

His successor as Team Director immigrated to the U.S. from Palestine in 2017 with his first job as a crew member and now oversees a $200 million business. And finally, his successor is a field leaders of women who integrated to the U.S. from Ethiopia in 2015, who also started as a crew member and now oversees 7 locations totaling $20 million in sales.

他的繼任者團隊總監於 2017 年從巴勒斯坦移民到美國，他的第一份工作是船員，現在負責管理 2 億美元的業務。最後，他的繼任者是 2015 年從埃塞俄比亞融入美國的女性領域領導者，她最初也是一名船員，現在負責管理 7 個地點，總銷售額達 2000 萬美元。

Their perseverance is inspiring to many and a great example of how our growth and brand changes lives and communities for the better. Each of these individuals is also developing terrific talent that has the ability to become future leaders. For perspective, each year just in the United States and Canada, we have the opportunity to promote more than 1,500 managers to open our new restaurants.

他們的毅力鼓舞了許多人，也是我們的成長和品牌如何使生活和社區變得更好的一個很好的例子。這些人中的每一個都在培養有能力成為未來領導者的優秀人才。從長遠來看，每年僅在美國和加拿大，我們就有機會提拔 1,500 多名經理開設新餐廳。

In addition to career opportunities in industry-leading benefits, we also believe that communication between leadership and our restaurant teams is critical. We do this through several ways, including chitchats, where members of our executive leadership team meet with our restaurant teams to listen to their feedback. Through this feedback loop, we were able to identify that our teams wanted more educational benefits, which is why we implemented debt-free degrees and career certificates. And team members who have participated in our educational programs are 2x more likely to be retained and 6x more likely to be promoted. Supporting, developing and growing our people will remain a core focus for Chipotle and is key to growing to 7,000 restaurants.

除了行業領先的福利方面的職業機會外，我們還認為領導層與我們的餐廳團隊之間的溝通至關重要。我們通過多種方式做到這一點，包括閒聊，我們的執行領導團隊成員與我們的餐廳團隊會面，聽取他們的反饋。通過這個反饋循環，我們能夠確定我們的團隊想要更多的教育福利，這就是我們實施無債務學位和職業證書的原因。參加過我們教育計劃的團隊成員被保留的可能性是 2 倍，被提拔的可能性是 6 倍。支持、發展和發展我們的員工仍將是 Chipotle 的核心重點，也是發展到 7,000 家餐廳的關鍵。

In closing, I want to thank our employees for another great quarter. We remain committed to getting back to the basics and running great restaurants. I believe these actions will position us for strong performance in any environment and more importantly, is key to delivering an excellent customer and employee experience. I'm excited to see everyone back in our restaurants next week for our 22nd year at Boorito.

最後，我要感謝我們的員工又一個偉大的季度。我們仍然致力於回歸基礎並經營一流的餐廳。我相信這些行動將使我們在任何環境中都能取得出色的表現，更重要的是，這是提供出色的客戶和員工體驗的關鍵。我很高興看到大家下週回到我們的餐廳，迎接我們在 Boorito 的第 22 年。

And with that, I'll turn it over to Jack.

有了這個，我會把它交給傑克。

Thanks, Brian. Good afternoon, everyone. I want to start by reiterating Brian's commentary about treasuring our guests and earning every single transaction.

謝謝，布賴恩。大家下午好。我想首先重申布賴恩關於珍惜我們的客人和贏得每一筆交易的評論。

During past periods of economic challenges, focusing on our guests, getting the details in the restaurants right and providing a great dining experience has served as well. As Brian mentioned, this will be the primary focus of our organization and what we believe will lead to building an even stronger brand for the future.

在過去的經濟挑戰時期，關注我們的客人，正確處理餐廳的細節並提供出色的用餐體驗也起到了作用。正如布萊恩所說，這將是我們組織的主要關注點，我們相信這將導致為未來建立一個更強大的品牌。

Now moving to our third quarter results. Sales in the third quarter grew 14% year-over-year to reach $2.2 billion as comp sales grew 7.6%. Restaurant-level margin of 25.3% increased about 180 basis points compared to last year and earnings per share adjusted for unusual items was $9.51 representing over 35% year-over-year growth. The third quarter had unusual expenses related to onetime employee separation expenses, corporate and restaurant asset impairments, corporate restructuring and our previously disclosed 2018 performance share of modification.

現在轉到我們的第三季度業績。第三季度的銷售額同比增長 14%，達到 22 億美元，其中復合銷售額增長了 7.6%。餐廳級別的利潤率為 25.3%，與去年相比增加了約 180 個基點，針對不尋常項目調整後的每股收益為 9.51 美元，同比增長超過 35%。第三季度出現了與一次性員工離職費用、公司和餐廳資產減值、公司重組以及我們之前披露的 2018 年業績份額修改相關的異常費用。

Looking ahead to Q4, our current comparable sales trends are choppy as we lap our Brisket LTO from last year and we expect our October comps will likely end in the mid-single-digit range. Assuming current sales trends continue, we expect our comps to be in the mid- to high single-digit range for the full fourth quarter as Garlic Guajillo Steak will be in restaurants through the end of the quarter compared to Brisket, which ended in mid-November of last year.

展望第四季度，我們目前的可比銷售趨勢不穩定，因為我們從去年開始我們的胸肉 LTO，我們預計我們 10 月份的比較可能會在中個位數範圍內結束。假設當前的銷售趨勢繼續下去，我們預計整個第四季度我們的銷售額將處於中高個位數範圍內，因為大蒜瓜吉略牛排將在本季度末出現在餐廳，而牛腩則在中期結束去年十一月。

Earlier this month, we took a price increase in around 700 restaurants to address pockets of outsized wage inflation. Menu prices in each restaurant increased between 2% and 3%, which had a company-wide impact of about 0.5% overall. And I'll go through the key P&L line items, beginning with cost of sales.

本月早些時候，我們對大約 700 家餐廳進行了漲價，以解決工資大幅上漲的問題。每家餐廳的菜單價格上漲了 2% 到 3%，對整個公司的整體影響約為 0.5%。我將介紹關鍵的損益表項目，從銷售成本開始。

Cost of sales in the quarter were 29.8%, a decrease of about 50 basis points from last year. The benefit of menu price increases offset elevated costs across the board, most notably in dairy packaging and tortillas. In Q4, we expect our cost of sales to remain at about the same level as the benefit from the menu price increases will be offset by higher beef, chicken, dairy and tortilla.

本季度銷售成本為29.8%，比去年下降約50個基點。菜單價格上漲的好處抵消了全面上漲的成本，尤其是在乳製品包裝和玉米餅方面。在第四季度，我們預計我們的銷售成本將保持在大致相同的水平，因為菜單價格上漲帶來的好處將被牛肉、雞肉、奶製品和玉米餅的上漲所抵消。

Labor costs for the quarter were 25.1%, a decrease of about 70 basis points from last year. This decrease was driven by sales leverage and somewhat offset by wage inflation as well as lapping employee retention credit that we received in Q3 of last year. In Q4, we expect our labor cost to be in the mid-24% range due to leverage from our menu price increases as well as our premium price Garlic Guajillo Steak.

本季度勞動力成本為 25.1%，比去年下降約 70 個基點。這一下降是由銷售槓桿推動的，但在一定程度上被工資上漲以及我們在去年第三季度收到的員工保留信用額度抵消了。在第四季度，我們預計我們的勞動力成本將在 24% 的中間範圍內，這是由於我們的菜單價格上漲以及我們的優質大蒜 Guajillo Steak 的影響。

Other operating costs for the quarter were 14.5%, a decrease of about 60 basis points from last year. This decrease was driven by sales leverage as well as a decline in delivery expenses due to lower delivery sales, partially offset by higher costs across several expense categories, most notably, utilities, including natural gas.

本季度其他運營成本為 14.5%，比去年下降約 60 個基點。這一下降是由銷售槓桿以及由於交付銷售額下降導致的交付費用下降推動的，部分被多個費用類別的成本上升所抵消，其中最顯著的是公用事業，包括天然氣。

Marketing promo costs for the quarter were 2.2% or 20 basis points below last year. And in Q4, we expect marketing costs will be in the mid-3% range with the full year to come in right around 3%. In Q4, other operating costs are expected to be around 15%.

本季度的營銷促銷成本比去年低 2.2% 或 20 個基點。在第四季度，我們預計營銷成本將在 3% 左右，全年將在 3% 左右。第四季度，其他運營成本預計在 15% 左右。

G&A for the quarter was $141 million on a GAAP basis or $136 million on a non-GAAP basis excluding about $4 million in employee separation and corporate restructuring costs and $1 million related to the previously disclosed modification to our 2018 performance shares. G&A also includes $115 million in underlying G&A, $21 million related to noncash stock compensation, a $1 million benefit related to the reversal in lower performance-based bonus accruals, mostly offset by payroll taxes on equity vesting and exercises. We expect our underlying G&A to be around $120 million in Q4 and continue to grow slightly thereafter as we make investments in technology and people to support our ongoing growth.

本季度的 G&A 按 GAAP 計算為 1.41 億美元，按非 GAAP 計算為 1.36 億美元，其中不包括約 400 萬美元的員工離職和公司重組成本，以及與先前披露的 2018 年業績份額修改相關的 100 萬美元。 G&A 還包括 1.15 億美元的基礎 G&A、2100 萬美元與非現金股票薪酬相關的 100 萬美元福利，與基於業績的較低應計獎金的逆轉相關，大部分被股權歸屬和行使的工資稅所抵消。我們預計第四季度我們的基本 G&A 約為 1.2 億美元，此後隨著我們對技術和人員的投資以支持我們的持續增長，我們將繼續小幅增長。

We anticipate stock comp will be around $25 million in Q4, although this amount could move up or down based on our performance and $1 million for costs associated with our field leader conference in early 2023 bringing our anticipated total G&A in Q4 to around $146 million.

我們預計第四季度的股票補償將約為 2500 萬美元，儘管這一數額可能會根據我們的業績而上下波動，並且與 2023 年初的現場領導會議相關的成本為 100 萬美元，使我們預計第四季度的 G&A 總額達到約 1.46 億美元。

Depreciation was $71 million, and in Q4, we expect it to increase slightly to $73 million. Our effective tax rate for Q3 was 24.4% for GAAP and 23.4% for non-GAAP, and both rates benefited from option exercises and share vesting at elevated stock prices. For Q4, we continue to estimate our underlying effective tax rate will be in the 25% to 27% range, though it may vary based on discrete items.

折舊為 7100 萬美元，我們預計第四季度將小幅增加至 7300 萬美元。我們第三季度的有效稅率為 24.4% 的 GAAP 和 23.4% 的非 GAAP，這兩個稅率都受益於期權行權和股價上漲的股票歸屬。對於第四季度，我們繼續估計我們的基本有效稅率將在 25% 至 27% 的範圍內，儘管它可能會因離散項目而異。

Our balance sheet remains strong as we ended the quarter with over $1.2 billion in cash, restricted cash and investments with no debt, along with a $500 million untapped revolver. During the quarter, we repurchased $107 million of our stock at an average price of $1,438 and we've repurchased a total of $628 million year-to-date so far. We increased our level of stock repurchases during the quarter when our share price fell with the market overall, and we will continue to opportunistically repurchase our stock. During the quarter, the Board authorized an additional $200 million to our share authorization program, and at the end of the quarter, we had $413 million remaining.

我們的資產負債表保持強勁，因為我們在本季度結束時擁有超過 12 億美元的現金、受限現金和無債務投資，以及 5 億美元的未開發左輪手槍。在本季度，我們以 1,438 美元的平均價格回購了 1.07 億美元的股票，到目前為止，我們總共回購了 6.28 億美元。當我們的股價隨整體市場下跌時，我們在本季度提高了股票回購水平，我們將繼續機會性地回購我們的股票。在本季度，董事會為我們的股票授權計劃額外授權了 2 億美元，到本季度末，我們還剩下 4.13 億美元。

We opened 43 new restaurants in the third quarter, of which 38 had a Chipotlane, and we remain on track to open between 235 and 250 new restaurants in 2022 with at least 80%, including a Chipotlane. As Brian mentioned, we anticipate opening between 255 and 285 restaurants in 2023 with at least 80%, including a Chipotlane. Development delays remain a headwind, including equipment and construction material shortages, construction labor challenges as well as permitting, utilities and inspection delays. While we expect these challenges to persist into 2023, our pipeline remains strong, and we expect to move towards the high end of our targeted 8% to 10% openings range once these headwinds subside.

我們在第三季度開設了 43 家新餐廳，其中 38 家有 Chipotlane，我們仍有望在 2022 年開設 235 至 250 家新餐廳，其中至少 80%，包括 Chipotlane。正如布賴恩所說，我們預計 2023 年將開設 255 至 285 家餐廳，其中至少 80%，包括 Chipotlane。開發延誤仍然是一個不利因素，包括設備和建築材料短缺、建築勞動力挑戰以及許可、公用事業和檢查延誤。雖然我們預計這些挑戰將持續到 2023 年，但我們的管道仍然強勁，一旦這些不利因素消退，我們預計將朝著我們目標 8% 至 10% 的開放範圍的高端邁進。

To conclude, we believe we have a tremendous growth opportunity ahead of us with room to more than double our current presence in the U.S. and Canada over the long term. We will remain focused on what makes our brands special. And that is our purpose of cultivating a better world, our food integrity standards, a strong unit economic model and of course, our talented and dedicated teams.

總而言之，我們相信我們面前有一個巨大的增長機會，從長遠來看，我們在美國和加拿大的業務有超過一倍的空間。我們將繼續專注於使我們的品牌與眾不同的原因。這就是我們打造更美好世界的目標、我們的食品完整性標準、強大的單位經濟模式，當然還有我們才華橫溢且敬業的團隊。

With that, we're happy to take your questions.

有了這個，我們很高興回答您的問題。

(Operator Instructions) And our first question will come from David Tarantino of Baird.

（操作員說明）我們的第一個問題將來自 Baird 的 David Tarantino。

I have a 2-part question related to your pricing and traffic trends. So first, I was wondering if you could share what your transaction trends were in the third quarter and what the guidance implies for the fourth quarter. And then I have a follow-up related to that.

我有一個與您的定價和流量趨勢相關的兩部分問題。首先，我想知道您是否可以分享您在第三季度的交易趨勢以及第四季度的指導意味著什麼。然後我有一個與此相關的後續行動。

Yes, sure. So in the third quarter, I think, of transactions were down roughly 1%. A lot of the additional headwinds we've had with kind of the mix shifting as people return to their kind of normal course behavior has resulted in smaller group sizes. So that's kind of consistent with what we've seen. And then in the current quarter, obviously, we've got Garlic Guajillo Steak, launching right now going over top of the Brisket. And then I think as we mentioned, we're continuing to see some pressure on the low-income consumer. So we're still seeing transactions be pushed in that negative range. And obviously, we'll continue to keep an eye on it as we go forward.

是的，當然。因此，我認為第三季度的交易量下降了大約 1%。隨著人們恢復到他們正常的課程行為，我們遇到的許多額外的不利因素導致了小組規模的縮小。所以這與我們所看到的一致。然後在本季度，顯然，我們有大蒜瓜吉洛牛排，現在推出超過牛腩。然後我認為正如我們所提到的，我們繼續看到低收入消費者面臨一些壓力。所以我們仍然看到交易被推到這個負數範圍內。顯然，我們將在前進的過程中繼續關注它。

Jack, I don't know if you want to add anything to that.

傑克，我不知道你是否想添加任何東西。

Yes, just pricing during the quarter, Dave, we're running right around 13%, and that will move up a bit in the fourth quarter. So that's part of our guidance as well. I think the big thing in the fourth quarter to note is just Brisket was very successful last year, and we ran out of inventory in the middle of November. And so the comparison actually gets easier in the second half of the quarter.

是的，戴夫，僅在本季度定價，我們的運行率約為 13%，並且在第四季度會有所上升。所以這也是我們指導的一部分。我認為第四季度要注意的一件大事是去年 Brisket 非常成功，我們在 11 月中旬就用完了庫存。因此，在本季度的後半段，比較實際上變得更容易了。

Great. That's helpful. And then my follow-up, Brian, is I think you're aware there's been a lot of concern about the pricing strategy hurting the traffic. And I think you mentioned in your prepared remarks that you're not seeing resistance to the price increases yet. So I just wondered if you could comment on, I guess, how you're thinking about your price position now and how you think about the traffic trends you're seeing and whether or not you think that you've seen any resistance. It doesn't sound like you think you are, but I guess the traffic being slightly negative, just wanting you to have a chance to address that.

偉大的。這很有幫助。然後我的後續行動，布賴恩，我認為你知道有很多人擔心定價策略會損害流量。而且我認為你在準備好的評論中提到你還沒有看到對價格上漲的阻力。所以我只是想知道你是否可以評論一下，我猜，你現在如何看待你的價格頭寸，你如何看待你所看到的流量趨勢，以及你是否認為你已經看到了任何阻力。這聽起來不像你認為的那樣，但我猜流量有點負面，只是希望你有機會解決這個問題。

Yes. Sure. Well, I mean, look, the simple fact is the absolute price point in the business is still very competitive and frankly, very attractive relative to -- you look at regional players. The -- when you look at the fast casual competitors, they're anywhere from 10% to 20%, 30% less than what you see on their menu. So you've seen, unfortunately, in all this inflationary environment, everybody is taking price. So our costs, I think, are up over 20% over the last 2 years. Not surprising, other people are experiencing something similar and they've taken pricing accordingly.

是的。當然。好吧，我的意思是，看，一個簡單的事實是，該業務的絕對價格點仍然非常有競爭力，坦率地說，相對於區域參與者來說非常有吸引力。 - 當您查看快速休閒的競爭對手時，他們的價格從 10% 到 20% 不等，比您在他們的菜單上看到的少 30%。所以你已經看到，不幸的是，在所有這種通貨膨脹的環境中，每個人都在接受價格。因此，我認為我們的成本在過去 2 年中上漲了 20% 以上。毫不奇怪，其他人正在經歷類似的事情，並且他們已經相應地定價。

So our relative position to our competitors or the alternatives for what you can get when you read out, really, we stayed in a really strong position. So that value proposition remains strong. And then when you look into the business, we're not seeing people all of a sudden not buying guacamole or also changing what they typically add to their order or switching between proteins. Things have stayed pretty consistent.

因此，我們與競爭對手的相對位置或當您閱讀時可以獲得的替代方案，真的，我們保持在一個非常強大的位置。所以這個價值主張仍然很強大。然後，當您研究業務時，我們並沒有看到人們突然不購買鱷梨醬或改變他們通常添加到訂單中的內容或在蛋白質之間切換。事情一直保持一致。

And then the last piece I'd add to that is if you go to the grocery store, there's a lot of inflation there, too. So if you think about all the places where you can get food, they're way up. And our relative performance in that environment is one where we're still a great cost opportunity, I guess, for the consumers, the way I would describe it. So getting a chicken burrito exactly how you want, at the speed at which we can provide with the culinary and the ingredients that we provide for roughly $9 or less, that's tremendous value.

然後我要補充的最後一點是，如果你去雜貨店，那裡也有很多通貨膨脹。因此，如果您考慮所有可以獲取食物的地方，它們就會上升。而且我們在那種環境中的相對錶現是我們仍然是一個巨大的成本機會，我想，對於消費者來說，我會描述它的方式。因此，以我們能夠以大約 9 美元或更低的價格提供烹飪和配料的速度，獲得您想要的雞肉捲餅，這是巨大的價值。

The next question comes from Nicole Miller of Piper Sandler.

下一個問題來自 Piper Sandler 的 Nicole Miller。

On that point of price, components of mix and traffic. Can you just talk about the price piece? So what is the art and science that you blend for the here and now? And how do you think about using that tool to protect margin? But then also long term, how do you exercise that pricing power or not against the long-term like unit opportunity, which I imagine really is -- requires affordability, right, appealing to the masses. So if you could talk about that a little bit, that would be great.

在那個價格點上，組合和流量的組成部分。你能談談價格嗎？那麼，您為此時此地融合的藝術和科學是什麼？您如何看待使用該工具來保護保證金？但從長遠來看，你如何行使定價權或不反對長期的類似單位機會，我想真的是——需要負擔能力，對，吸引大眾。所以如果你能談談這個，那就太好了。

Yes, sure. So I mean, that's exactly right, Nicole. The way we're trying to balance this is really only use price as the last lever to pull. And I think that's what we've done throughout the course of the last, call it, 2 years because we like having the strong value proposition, frankly. I like being in the position where we have the best culinary with the best ingredients and arguably the best price. And so it's a position of strength and it's a position we want to hang on to as we go forward.

是的，當然。所以我的意思是，這是完全正確的，妮可。我們試圖平衡這一點的方式實際上只是將價格作為最後拉動的槓桿。我認為這就是我們在過去的整個過程中所做的，稱之為 2 年，因為坦率地說，我們喜歡擁有強大的價值主張。我喜歡處於我們擁有最好的烹飪、最好的食材和可以說是最優惠的價格的位置。所以這是一個有力量的位置，也是我們前進時想要堅持的位置。

The reality is in an inflationary environment, you're going to have to pull that lever. And that's why I think it's really important to look at how your pricing stacks up relative to people's alternatives. Those alternatives are either the grocery store or other restaurants. And when you look at those, our value proposition remains in a really strong place. So we're delighted to continue to see new units opening at a terrific opening rate. They're still achieving 80%, 85% of what our typical restaurants do. Our Chipotlanes continue to outperform. And then frankly, even in our small towns, we're continuing to see just tremendous opening.

現實是在通貨膨脹的環境中，你將不得不拉動那個槓桿。這就是為什麼我認為查看您的定價相對於人們的選擇如何疊加非常重要。這些替代品要么是雜貨店，要么是其他餐館。當你看到這些時，我們的價值主張仍然非常強大。因此，我們很高興繼續看到新單位以驚人的開張率開張。他們仍然實現了我們典型餐廳所做的 80%、85% 的工作。我們的 Chipotlanes 繼續表現出色。然後坦率地說，即使在我們的小城鎮，我們也繼續看到巨大的開放。

So I think that tells me we're getting signals in all different fronts that our value proposition remains really strong whether it's a new restaurant coming to an area or an existing restaurant competing in an area that we've been competing in for a while. So that's the needle we're trying to thread.

因此，我認為這告訴我，我們在所有不同方面都收到了信號，即我們的價值主張仍然非常強大，無論是新餐廳進入某個地區，還是現有餐廳在我們一直在競爭的地區競爭。這就是我們要穿的針。

And as that applies to the fourth quarter commentary then, is that just price that's flowing from August into 4Q? Or could you speak to incremental price in the fourth quarter to get above that 13%? And is that essentially being used to protect margin, even though, I guess, you're really hitting that 25% profile or algorithm margin you'd be looking for?

既然這適用於第四季度的評論，那麼這僅僅是從 8 月到 4 季度的價格嗎？或者你能說第四季度的增量價格超過 13% 嗎？這是否本質上被用來保護保證金，即使，我猜，你真的達到了你想要的 25% 的配置文件或算法保證金？

Yes, Nicole, there's actually 3 things that are going on when you move from the third quarter to the fourth quarter. First, we took our last price increase around August 1. So that hit part of the third quarter. So the rest of it, the fourth quarter is going to get a full hit. We also, on a very targeted basis, we identified pockets throughout the country, and there were 700 restaurants that had accelerating wage pressures. So if you look at what our typical wages are across the country and we took that very large 15% increase, we got everybody up to $15 or more in the second quarter of 2021, we have individual pockets and these restaurants that we identified that we're going $1, $2 and $3 above what the rest of the country was doing. And that's just because the labor market was so tight there. So what we did, we just tried to up the menu prices just to cover some of that, not to get our margin back. But just to try to cover some of that, that then ended up being somewhere between 2% and 3% in those 7 number of restaurants. That's the 50 basis points or so overall to the company.

是的，妮可，當你從第三節轉到第四節時，實際上發生了 3 件事。首先，我們在 8 月 1 日左右進行了最後一次提價。所以這影響了第三季度的一部分。所以剩下的時間，第四節將得到全面的打擊。我們還非常有針對性地確定了全國各地的口袋，有 700 家餐館的工資壓力越來越大。因此，如果你看看我們在全國范圍內的典型工資是多少，並且我們獲得了 15% 的大幅增長，我們在 2021 年第二季度讓每個人都達到了 15 美元或更多，我們有個人口袋和我們確定的這些餐廳'將比該國其他地區的水平高出 1 美元、2 美元和 3 美元。那隻是因為那裡的勞動力市場非常緊張。所以我們所做的只是試圖提高菜單價格只是為了彌補其中的一部分，而不是為了收回我們的利潤。但只是為了彌補其中的一部分，在這 7 家餐廳中，這一比例最終在 2% 到 3% 之間。這對公司來說是 50 個基點左右。

And the third piece, Nicole, is we took our price increase in the fourth quarter of last year around that December 7, December 8, something like that, and that rolls off. So those are the pieces. So you'll actually see for the quarter, the pricing will bounce up a little bit before it drops back down at the first quarter. So it will move from 13 up closer to call it 14.5% or approaching 15% before it drops down to 11% in the first quarter of next year.

第三部分，妮可，我們在去年第四季度的 12 月 7 日、12 月 8 日左右進行了價格上漲，類似的事情，然後滾落下來。所以這些是碎片。因此，您實際上會在本季度看到，價格會在第一季度回落之前略有反彈。因此，它將從 13 上升到接近 14.5% 或接近 15%，然後在明年第一季度降至 11%。

Our next question comes from David Palmer of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

Two questions. The first one is a question on food costs that those costs are down under 30%. And obviously, that's well off where they used to be. I'm wondering if that's just all pricing net of commodity inflation. Or is there something else going on in there? For example, the fact that more is being made off the digital make line that's helping your portion sizes, your portion control or the rebound in beverages or something like that. I'm wondering if there's more than just price net of commodities and I have a quick follow-up.

兩個問題。第一個問題是關於食品成本的問題，這些成本下降了 30% 以下。很明顯，這與他們過去的情況相去甚遠。我想知道這是否只是扣除商品通脹後的所有定價。還是那裡有其他事情發生？例如，數字化生產線正在生產更多產品，這有助於您的份量大小、份量控製或飲料反彈等。我想知道是否有不僅僅是商品淨價，我有一個快速跟進。

Yes, David, there's really -- there are 2 other things. One is, remember, we're pricing -- we've got higher menu prices for our delivery business. Our delivery business is about 17%, 18% of our business. And so we actually resin charging fees. We charge virtually no fee. We charged $1 fee than plus a small commission. So our menu prices are much higher there. So that gives you what appears to be a much lower food cost, all right? So you get a benefit on the food line.

是的，大衛，真的有——還有另外兩件事。一個是，請記住，我們正在定價——我們為我們的送貨業務制定了更高的菜單價格。我們的快遞業務約占我們業務的17%、18%。所以我們實際上會收取費用。我們幾乎不收取任何費用。我們收取 1 美元的費用，而不是加上一小筆佣金。所以我們那裡的菜單價格要高得多。這樣一來，您的食品成本似乎要低得多，好嗎？所以你在食品線上得到好處。

The other thing when we talk about inflation over the last 2 years, food inflation has been about 20%, but labor inflation has been more like 24%. So any time we take price increase to cover labor when labor is inflating at a higher rate than food cost, again, you get some of that benefit in the food cost. So that's why it's under 30%. You're right, historically, we've generally not seeing our food cost under 30%.

當我們談到過去兩年的通貨膨脹時，另一件事是食品通貨膨脹率約為 20%，但勞動力通貨膨脹率更像是 24%。因此，當勞動力以高於食品成本的速度膨脹時，每當我們採取價格上漲來彌補勞動力時，你再次從食品成本中獲得一些好處。所以這就是為什麼它低於30％。你是對的，從歷史上看，我們通常不會看到我們的食品成本低於 30%。

And just a follow-up, whether the weakness in the low end is -- pertains to your pricing or the fact that certain customers are getting priced out or not. I'm wondering what actions you think you have in your stable of potential tactics that you can deploy to correct that. Are there -- is this something where you really dial up the CRM and start doing tax to keep people sort of in the tent and keep their -- get people back in the flow again? How do you think you'll address that weakness, if at all?

只是跟進，無論低端的弱點是 - 與您的定價或某些客戶是否被定價的事實有關。我想知道你認為你在穩定的潛在策略中採取了哪些行動，你可以部署這些行動來糾正這個問題。有沒有 - 你真的撥通了 CRM 並開始徵稅以讓人們留在帳篷裡並保持他們的 - 讓人們再次回到流動中？你認為你將如何解決這個弱點，如果有的話？

Yes. I mean, look, one of the things we're definitely evaluating is how do we separate these groups into understanding their current situation. And then what do we need to do to ensure that they can still have access to the Chipotle experience. And the team is hard at work in figuring out how best to use our CRM/Rewards program to be very targeted with the different cohorts that we have. Some of it is, obviously, the low-income consumer. Some of it is also what they're interested in, whether it's having more access digitally or having a different experience when it comes to coming into our restaurant. So that's one of our key tools that I think that's one of the big advantages that we have, frankly, going forward is we've got this tremendous database that we can then smartly communicate with customers so that we're giving them relevant messaging that keeps them engaged with Chipotle.

是的。我的意思是，看，我們肯定要評估的一件事是我們如何將這些群體分開以了解他們目前的情況。然後我們需要做些什麼來確保他們仍然可以訪問 Chipotle 體驗。團隊正在努力研究如何最好地使用我們的 CRM/獎勵計劃，以便針對我們擁有的不同群體進行針對性的調整。其中一些顯然是低收入消費者。其中一些也是他們感興趣的，無論是更多的數字訪問還是進入我們餐廳時的不同體驗。所以這是我們的關鍵工具之一，我認為這是我們擁有的一大優勢，坦率地說，未來我們擁有這個巨大的數據庫，然後我們可以與客戶進行智能溝通，以便我們向他們提供相關的信息讓他們與 Chipotle 保持聯繫。

The next question comes from John Ivankoe of JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

The question was on Project Square and, Brian, you specifically mentioned in your prepared remarks that there is still more to do there. And I just wanted to get a sense or improvements that you could still make relative to how you're currently executing. I wanted to get a sense of how much of that is just giving the employees and the managers more time to work with the current system. I mean, i it just muscle memory that needs to increase? Or are there changes that you can make or would consider things like increasing staffing levels, increased pay, technology, what have you? Anything that you can do on your end that can, in the near term, improve some of the customer metrics that you're striving to achieve?

問題是關於 Project Square 的，Brian，你在準備好的評論中特別提到，還有更多工作要做。我只是想了解一下你仍然可以相對於你當前的執行方式做出的改進。我想了解其中有多少只是讓員工和經理有更多時間使用當前系統。我的意思是，我只是需要增加肌肉記憶嗎？或者您是否可以做出改變，或者會考慮增加人員配備水平、增加工資、技術，您有什麼？在短期內，您可以做些什麼來改善您正在努力實現的一些客戶指標？

Yes. Thanks for the question. Obviously, one of the things that has been, I guess, a breadth of fresh air is we've now had the ability to get back to focusing on the basics of Chipotle. And obviously, it starts with great culinary and then it starts with great teams being trained and developing each other. And look, I think, the other thing that we're now surrounding these teams with is technology to have more real-time information on the performance of the restaurant so that our field leader, our General Manager and our team knows either where there's an opportunity to be better or where there is success, let's put more energy to where that success is.

是的。謝謝你的問題。顯然，我想，新鮮空氣的廣度是我們現在有能力重新專注於 Chipotle 的基礎知識。顯然，它始於出色的烹飪，然後始於偉大的團隊相互培訓和發展。看，我認為，我們現在圍繞這些團隊的另一件事是技術，可以獲取有關餐廳績效的更多實時信息，以便我們的現場領導、總經理和我們的團隊知道哪裡有有機會變得更好或有成功的地方，讓我們把更多的精力放在成功的地方。

The fact remains, since January, we've got roughly 50% of our field leaders are new to the company. And -- I'm sorry, not new to the company -- new enroll, right? So 90% have been promoted internally. But we've got a lot of new people in the Chipotle business at new levels of responsibility. And so that's what Project Square One's all about is making sure if you're a newly promoted field leader, you know how to do the job. You're newly promoted General Manager, you know how to do the job. Maybe you're new to our company all together at the crew level, you know how to do the job. And over the last 2 or 3 years, we've had to flex based on different regulations coming at us for how we wanted to run the restaurants.

事實上，自 1 月份以來，我們大約 50% 的領域領導者是公司的新人。而且——對不起，不是公司的新手——新註冊的，對吧？所以90%都是內部提拔的。但是我們在 Chipotle 業務中有很多新人承擔新的責任。所以這就是 Project Square One 的全部內容，即確保如果您是新晉升的領域領導者，您知道如何完成這項工作。你是新晉升的總經理，你知道怎麼做。也許你是我們公司的新手，在船員層面，你知道如何做這項工作。在過去的 2 或 3 年裡，我們不得不根據不同的法規來調整我們想要如何經營餐廳的方式。

Now we're getting back to what we believe is the right way to run a Chipotle in an environment that allows us to execute our standards, our processes and our culinary. And so there's still opportunity for us to get better at it because the teams need more reps. But I think we're also surrounding them now with, I think, clarity on what the standards are as well as tools to give them clarity on how they're performing real time.

現在我們回到了我們認為在允許我們執行我們的標準、我們的流程和我們的烹飪的環境中運行 Chipotle 的正確方法。所以我們仍然有機會在這方面做得更好，因為團隊需要更多的代表。但我認為我們現在也圍繞著它們，我認為，明確標準是什麼，以及讓他們清楚他們如何實時執行的工具。

And have you actually noticed any changes in your guest satisfaction scores? Or is that something that you're just trying to achieve internally?

您是否真的注意到您的客人滿意度分數有任何變化？還是您只是想在內部實現這一目標？

Yes. No. I mean we've seen improvements definitely in our in-store experiences. And I think that's a testament to folks getting back to the business of running the front line. We still have opportunities to get better on that digital business when it comes to accuracy, specifically. And it really that accuracy shows itself more in a delivery occasion but we're seeing evidence where we're continuing to make great progress. I think I mentioned this earlier, in our higher-volume restaurants where you have more tenured field leader, more tenured general manager, more tenured crew, they're really outperforming on all these metrics and their satisfaction scores are higher. Their volumes are higher, the turnover is lower. So we know when we get teams to stabilize have high levels of capability, we get great results. And that's what Project Square One is all about. It's just reestablishing those processes, those standards and then ensuring that people have the capability to deliver on those processes and standards.

是的。不，我的意思是我們已經看到我們的店內體驗確實有所改善。我認為這證明了人們回到了前線的業務。特別是在準確性方面，我們仍然有機會在數字業務上做得更好。確實，準確性在交付場合中表現得更多，但我們看到證據表明我們正在繼續取得巨大進展。我想我之前提到過這一點，在我們擁有更多終身領導者、更多終身總經理、更多終身工作人員的大批量餐廳中，他們在所有這些指標上的表現都非常出色，他們的滿意度得分也更高。他們的交易量更高，營業額更低。所以我們知道，當我們讓穩定的團隊擁有高水平的能力時，我們會得到很好的結果。這就是 Project Square One 的全部意義所在。它只是重新建立那些流程，那些標準，然後確保人們有能力交付這些流程和標準。

Our next question comes from John Glass of Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰格拉斯。

Brian, can you talk about the efficacy of the LTOs you're running today versus a year or 2 or 3 ago? Is this driving incremental traffic? Or is this just like a check benefit, right, as people sort of purchase these new, but you're not really driving as much in terms of new customers. I guess where I'm going with this is you're on kind of a treadmill now of sorts, right, where you have to continue to innovate to make sure that you're covering last year's promo. Is there an off-ramp to that? Do you think about ways to broaden or differentiate promotions beyond just protein differentiation into other things that might help you as you start to -- eventually, you're going to have a protein that doesn't do as well as the year ago then what?

Brian，您能談談您今天運行的 LTO 與一年、兩年或三年前相比的效果嗎？這會推動流量增加嗎？或者這就像支票福利一樣，對，因為人們購買這些新產品，但就新客戶而言，你並沒有真正推動那麼多。我想我要說的是，您現在處於某種跑步機上，對，您必須繼續創新以確保您涵蓋了去年的促銷活動。有一個出口嗎？您是否考慮過如何擴大或區分促銷活動，而不僅僅是將蛋白質差異化為其他可能對您有所幫助的東西 - 最終，您將擁有一種蛋白質不如一年前那麼好?

Yes, sure. Look, this is something that, obviously, we evaluate. But I don't think of our business is relying on one thing. When we are executing, like for right now, we're doing Garlic Guajillo Steak. I think there is incremental business to be had because we have better throughput, better execution in the restaurant. There's incremental business to be had because we have better digital execution. And then there's business to be had because we give people some menu variety. And then frankly, in this environment, you're dealing with some macro headwinds on a lower income consumer.

是的，當然。看，這顯然是我們評估的。但我不認為我們的業務依賴於一件事。當我們執行時，就像現在一樣，我們正在做大蒜 Guajillo Steak。我認為有增量業務，因為我們有更好的吞吐量，更好的餐廳執行。因為我們有更好的數字執行，所以有增量業務。然後還有生意，因為我們為人們提供了一些菜單種類。然後坦率地說，在這種環境下，你正在應對低收入消費者的一些宏觀逆風。

So I never really think of this as -- it's just one thing to lap the prior year. I think of it as like how are we growing our brand every month, every year, every day. And that's why I think one of the advantages Chipotle has is we have these layers of business that continue to grow with us. Obviously, we've got some macro issues that we're dealing with between inflation and the challenges in the lower-income consumer. But I think our strategy still has a lot of growth in them, and it's not one is overwhelming the other.

所以我從來沒有真正認為這是 - 這只是前一年的一件事。我認為這就像我們如何每個月、每年、每一天都在發展我們的品牌。這就是為什麼我認為 Chipotle 的優勢之一是我們擁有與我們一起不斷發展的這些業務層。顯然，我們正在處理通貨膨脹和低收入消費者面臨的挑戰之間的一些宏觀問題。但我認為我們的戰略仍然有很大的增長空間，而且不是一個壓倒另一個。

Can I just clarify when you made the comment about traffic and the dynamic between mix and more people are coming back to the restaurants. Shouldn't that benefit traffic and maybe to the detrimented mix? I think you made the comment that, that was impacting traffic. But I would have thought that would have been a positive to order accounts even if it was hurting mix. Do you see it that way? Or do I have that wrong?

我能否澄清一下您何時就流量以及混合之間的動態以及越來越多的人回到餐廳發表評論。這不應該有利於交通，也許對有害的組合？我認為您發表的評論是，這會影響流量。但我會認為即使它損害了組合，這對訂購賬戶也是有利的。你這麼看嗎？還是我錯了？

Go ahead, Jack.

繼續，傑克。

Yes. The main mix we're seeing, John, is group size. So as we're seeing customers kind of return to more normal habits, so it's less digital more in-restaurant. And even in the in-restaurant channel, there's a slight decline in the group size. So what's happening, what seems to be happening is people rather than working from home and going with like family, for example, were bringing dinner home for their family. They're kind of back to eating more on their own as an individual that they might be out with a group of 4 people, but they're all paying for their own lunch. So the group size across all the channels and then because there's still a shift moving from digital to in-store. The group size is the biggest mix thing that we're seeing. And that ends up meaning we're selling less burritos per transaction. So it's got a negative mix impact.

是的。約翰，我們看到的主要組合是小組規模。因此，當我們看到客戶恢復到更正常的習慣時，餐廳內的數字化程度降低了。即使在餐廳內渠道，團體規模也略有下降。所以正在發生的事情，似乎正在發生的事情是人們而不是在家工作並與家人一起去，例如，為他們的家人帶來晚餐。作為一個人，他們有點回到自己吃更多的東西，他們可能會和一群 4 人一起出去，但他們都在為自己的午餐買單。所以所有渠道的群體規模，然後是因為仍然存在從數字到店內的轉變。團體規模是我們看到的最大的混合體。這最終意味著我們每筆交易的墨西哥捲餅銷售量減少。所以它有一個負面的混合影響。

But a positive traffic impact?

但是積極的交通影響？

It does have a positive traffic impact. That's right.

它確實對交通產生了積極的影響。這是正確的。

The next question comes from Danilo Gargiulo of Bernstein.

下一個問題來自 Bernstein 的 Danilo Gargiulo。

So I would like to understand a bit more whether the demand and the comp is coming from mostly new customer acquisition versus essentially like improving on the throughput in your high-volume stores.

因此，我想更多地了解需求和補償是否主要來自新客戶的獲取，而不是本質上是提高大容量商店的吞吐量。

Well, so we definitely have -- as we look at our data, at least in the digital space, we have an understanding of new customers versus -- and as we define a new customer that hasn't been at Chipotle in the last year. And we continue to see that group be highly represented. Where we're seeing the most gains in frequency is what not surprisingly, our more heavy user. And so that continues to be the case -- that's one of the things I think that the digital business fit for us. If you go back 3 or 4 years ago, one of the big surprises for us is it really attracted a lot of new users. And then obviously, during COVID, that ramped up quite a bit because of our digital business growing. So we continue to stay focused on bringing in the new user, but we also have an equal effort on how do we get more frequency out of our medium and heavy users.

好吧，所以我們肯定有 - 當我們查看我們的數據時，至少在數字空間中，我們了解新客戶與 - 當我們定義去年沒有在 Chipotle 的新客戶時.我們繼續看到該群體的代表性很高。毫不奇怪，我們看到頻率增益最大的地方是我們的重度用戶。所以情況仍然如此——這是我認為數字業務適合我們的事情之一。如果你回到 3 或 4 年前，對我們來說最大的驚喜之一就是它真的吸引了很多新用戶。然後很明顯，在 COVID 期間，由於我們的數字業務不斷增長，這一數字大幅上升。因此，我們繼續專注於吸引新用戶，但我們也同樣致力於如何從中等和重度用戶那裡獲得更多頻率。

Got it. And then one more question. I know you mentioned there is a comparable level of margin between the kind of small town store versus the kind of big urban store. I wonder if you can also like decompose for us kind of the high-level economics. And if we were to talk about pricing versus traffic, are you seeing any major differences between the urban stores versus the small town stores?

知道了。然後還有一個問題。我知道你提到過那種小城鎮商店與那種大城市商店之間的利潤率相當。我想知道你是否也喜歡為我們分解高級經濟學。如果我們要談論定價與流量，您是否發現城市商店與小鎮商店之間存在任何重大差異？

Yes. I mean just at a very high level, the small town restaurants, on average, I mean, we've had some barn burners that are breaking records in terms of sales. But in terms of as a group, all of our small town restaurants, are a little bit below what our average restaurant would be, so maybe by $150,000 or so. But the cost structure is more favorable in the small town. So our margin, actually, even though it's kind of smaller volume is actually higher. The investment costs tend to be lower as well. So the cash and cash returns in these small towns are stronger than what you're seeing in a typical average Chipotle.

是的。我的意思是在一個非常高的水平上，小鎮餐館，平均而言，我的意思是，我們有一些在銷售方面打破記錄的穀倉燃燒器。但就整體而言，我們所有的小鎮餐廳都比我們的普通餐廳低一點，所以可能低 150,000 美元左右。但小城鎮的成本結構更有利。所以我們的利潤，實際上，即使它的體積較小，實際上更高。投資成本也往往較低。因此，這些小鎮的現金和現金回報比您在典型的普通 Chipotle 中看到的要強。

Now if you go back to urban, urban is still, if you're talking about real central business district, those restaurants are still not all the way back. They're much better and they're outcomping the nonurban locations. But if you go all the way back to 2019, they still have not quite kept pace. And so the urban restaurants, they tend to have higher cost of doing business. They tend to have higher rents. And because the volumes aren't keeping pace with the nonurban locations, those are under a little bit more pressure. But again, they're outcomping their non-urban cohorts. So we think give enough time that hopefully will come all the way back.

現在如果你回到市區，市區仍然，如果你在談論真正的中央商務區，那些餐館還沒有完全回來。它們要好得多，並且超過了非城市地區。但如果你一路回到 2019 年，他們仍然沒有完全跟上步伐。因此，城市餐廳的經營成本往往更高。他們往往有更高的租金。而且由於數量跟不上非城市地區的步伐，因此壓力更大。但是，他們再次超過了非城市人群。因此，我們認為給予足夠的時間，希望能夠一路回來。

The next question comes from Dennis Geiger of UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

Brian, wondering if you could highlight the biggest opportunities a bit more from a transaction perspective. The -- you mentioned kind of running slightly negative in the quarter. I mean, quite frankly, all -- most all brands are running negative transactions right now. And so you guys actually look fairly solid relative to the industry. But I guess in looking ahead, curious if you can just highlight some of the bigger levers that support transaction growth rest of the year and into '23. I know you just commented that it's not one thing. But just in thinking about the throughput, the innovation, dining room traffic can still improve, thinking about the macro improvement. Just wondering if there's any more detail on kind of unpacking that and kind of how you think about transactions improving again from here.

Brian，想知道您是否可以從交易的角度更多地強調最大的機會。 - 你提到的本季度略有負面。我的意思是，坦率地說，所有 - 大多數品牌現在都在進行負面交易。因此，相對於這個行業，你們實際上看起來相當穩固。但我想展望未來，你是否可以突出一些支持今年剩餘時間和 23 年交易增長的更大槓桿。我知道你剛剛評論說這不是一回事。但單從吞吐量、創新、食堂客流量等方面來說，還是可以提高的，從宏觀上考慮。只是想知道是否有更多關於解包的細節以及你如何看待從這裡再次改進交易的方式。

Sure. I mean, look, obviously, one of the biggest opportunities for us is to make sure our restaurants are staffed and trained. And I think Jack mentioned this, we still have pockets of areas or we're still battling that very challenge. And I think as long as we have the ability to attract people and use, obviously, all of our benefits and purpose of the brand. But at the end of the day, you have to make sure the wage is attractive and retain people. So the ability to keep these restaurants staffed, have the teams fully trained and then executing against our standards, I think, there is a lot of transaction opportunity in that, both on the frontline as well as in the digital business. And doing both of those things really well. I know there is upside in the business going forward. I think we've made tremendous progress coming out of kind of the COVID challenges and then coupled with the labor challenges and the inflationary environment.

當然。我的意思是，顯然，對我們來說最大的機會之一就是確保我們的餐廳配備人員並接受培訓。我認為傑克提到了這一點，我們仍然有一些領域，或者我們仍在與那個挑戰作鬥爭。而且我認為，只要我們有能力吸引人們並使用，顯然，我們所有的利益和品牌的目的。但歸根結底，你必須確保工資有吸引力並留住人才。因此，能夠讓這些餐廳配備人員，讓團隊接受全面培訓，然後按照我們的標準執行，我認為，無論是在一線還是在數字業務中，都有很多交易機會。並且把這兩件事都做得很好。我知道未來的業務有上行空間。我認為我們在應對 COVID 挑戰以及勞動力挑戰和通貨膨脹環境方面取得了巨大進展。

So we're in a position of strength, but I think we can be a lot stronger and better going forward and that will manifest itself, I think, in some additional transactions in a tough environment. That's why you hear us talking about, hey, look, we've got to treasure every guest because we got to get it right, because it's going to be a tougher environment for the consumer going forward. So that's a big opportunity without a doubt.

所以我們處於優勢地位，但我認為我們可以變得更強大、更好，我認為這將在艱難環境中的一些額外交易中體現出來。這就是為什麼你聽到我們在談論，嘿，看，我們必須珍惜每一位客人，因為我們必須做對，因為這對於消費者的未來發展來說將是一個更加艱難的環境。所以毫無疑問，這是一個很大的機會。

And then obviously, we'll continue to take advantage of our CRM tools, our marketing capabilities to continue to keep people engaged and hopefully loving the brand so that they want to come as well.

然後很明顯，我們將繼續利用我們的 CRM 工具和營銷能力來繼續保持人們的參與度，並希望他們喜歡這個品牌，這樣他們也想來。

The other thing I should mention, too, is we're going to open a lot of restaurants in the fourth quarter. Just the fact that we're going to be opening more restaurants gets us more new users and gets people to have more experiences with Chipotle, which continues to build on itself a positive kind of vibe for a growing vibrant brand. And people like to work there, people like to eat there. So we're going to keep pushing that path forward, too.

我還應該提到的另一件事是，我們將在第四季度開設很多餐館。我們將開設更多餐廳這一事實為我們帶來了更多新用戶，並使人們對 Chipotle 有更多體驗，Chipotle 繼續在自身的基礎上為不斷發展的充滿活力的品牌營造一種積極的氛圍。人們喜歡在那里工作，人們喜歡在那裡吃飯。因此，我們也將繼續推動這條道路向前發展。

The next question comes from Sara Senatore of Bank of America.

下一個問題來自美國銀行的 Sara Senatore。

I wanted to just ask a little bit about your customer base. It's kind of a 2-part question. The first is that among -- in smaller towns, you're talking about kind of lower volumes. Typically, I think of those as a slightly lower income cohort, but we spent a lot of time talking about low-income consumers. So I just wanted to see if you could kind of reconcile those and whether this means something different about your value proposition in small towns.

我想問一下您的客戶群。這是一個兩部分的問題。首先是在較小的城鎮中，您談論的是較低的交易量。通常，我認為這些是收入略低的群體，但我們花了很多時間談論低收入消費者。所以我只是想看看你是否可以調和這些，以及這是否意味著你在小城鎮的價值主張有什麼不同。

And then the other piece is just thinking about your marketing campaigns and emphasizing athletes and gaming. Could you talk a little bit about who your customer is? It seems like it's mostly targeting younger men, although I'm neither young nor a man, so I can't speak to that from personal experience, but maybe just talk about those 2 components.

然後另一部分只是考慮您的營銷活動並強調運動員和遊戲。你能談談你的客戶是誰嗎？似乎它主要針對年輕男性，雖然我既不是年輕人也不是男人，所以我不能從個人經驗中談論它，但也許只是談論這兩個組成部分。

Yes. Well, look, the first piece, just on the consumer. We continue to overindex with young people. It's pretty evenly split between males and females. We do have a little bit of a skew towards higher income. But when we talk about that SKU, we're really talking about north of $75,000. And we want to be showing up in the places that are a part of culture. So I mentioned Roblox, which is, obviously, a Metaverse-type initiative. I mentioned athletes, which is, I think, just another way of talking about selecting the right nutrition for the performance you want to achieve.

是的。好吧，看，第一件，就在消費者身上。我們繼續高估年輕人。它在男性和女性之間的分佈相當均勻。我們確實有點偏向更高的收入。但是當我們談論那個 SKU 時，我們實際上是在談論 75,000 美元以上。我們希望出現在屬於文化的地方。所以我提到了 Roblox，這顯然是一個元宇宙類型的計劃。我提到了運動員，我認為這只是另一種談論為你想要達到的表現選擇合適的營養的方式。

So you got to think about these things as like how do you make sure you're staying relevant in culture and how do you both follow culture and then at times lead culture. And that's what we want to be doing. We know there's a lot of power in being with young people, and we're always going to be figuring out ways to stay young. That's not to say that we don't have all age groups eating at Chipotle. We do. But we like the idea of having a position of strength with, call it, the teen to 20s and then also a position of strength with the higher income cohorts. So that serves us really well. That's going to be some of this continue to be a position of strength.

所以你必須考慮這些事情，比如你如何確保你在文化中保持相關性，以及你如何既遵循文化，有時又引領文化。這就是我們想要做的。我們知道和年輕人在一起有很大的力量，我們總是會想辦法保持年輕。這並不是說我們沒有所有年齡段的人都在 Chipotle 吃飯。我們的確是。但我們喜歡這樣的想法，即在 20 多歲的青少年和高收入人群中擁有實力地位。所以這對我們很有幫助。這將是其中一些繼續成為優勢地位。

As far as small counts go, I mean, we're seeing tremendous success in these small towns. And that's why I think it's important to remind ourselves when we're talking about higher income, we're talking about $75,000 or higher as an overindexing. It's not to say that we don't have people that earn less than $75,000 coming to Chipotle as well. And I think when you demonstrate great culinary, great ingredients, great speed, great customization and people decide how am I going to spend my $10. It's hard to beat Chipotle in that equation. So I think that's why we continue to have units open very successfully, small town, urban, suburban. We're having a lot of success as we open new units, and we're continuing to have a lot of success within the 4 walls of the units that we currently have opened. So we like the composition of our customer, and we like the economics that come with it.

就小數量而言，我的意思是，我們在這些小鎮上看到了巨大的成功。這就是為什麼我認為當我們談論更高的收入時提醒自己很重要，我們談論的是 75,000 美元或更高的過度指數。這並不是說我們也沒有收入低於 75,000 美元的人來到 Chipotle。而且我認為，當您展示出色的烹飪，出色的食材，出色的速度，出色的定制化並且人們決定我將如何花費我的 10 美元時。在這個等式中很難擊敗 Chipotle。所以我認為這就是為什麼我們繼續讓單元非常成功地開放，小城鎮，城市，郊區。我們在開設新單位時取得了很大的成功，並且在我們目前開設的單位的 4 堵牆內繼續取得很大的成功。所以我們喜歡我們客戶的構成，我們喜歡隨之而來的經濟性。

The next question comes from Andrew Charles of Cowen.

下一個問題來自 Cowen 的 Andrew Charles。

Brian, I wanted to come back to your comment on the layers of business you're evaluating. And I know you noted continued confidence in Chipotle strong value offering, but with greater concern around the lowering consumer and your concerns on the consumer in the coming months from a macro perspective. Could we see this manifest in focusing more on the snacking occasions or perhaps offering more value during shoulder periods when restaurants are underutilized? And then I have a follow-up question.

布賴恩，我想回到您對您正在評估的業務層次的評論。而且我知道您注意到對 Chipotle 強大的價值產品的持續信心，但從宏觀角度來看，您對未來幾個月消費者的下降以及您對消費者的擔憂更加擔憂。我們是否可以看到這一點體現在更多地關注零食場合，或者在餐廳未被充分利用的情況下提供更多價值？然後我有一個後續問題。

Yes. Look, I mean, what we've really spent a bunch of time on is looking at what happened in the last kind of recession or slowdowns. And the good news for us is, yes, you had some low-income consumers step away, but we also had higher income consumers trade into our business. And then as economics improved, all cohorts came back to the business in a big way. So we didn't lose those that came in and we regained those that unfortunately got hit by some tough economic headwinds. So we're not going to be chasing with discounting in the traditional sense. We are going to use targeted CRM initiatives that we know get a great return and also play a meaningful role in the consumer that receives that message.

是的。看，我的意思是，我們真正花了很多時間研究的是在上一次經濟衰退或經濟放緩中發生了什麼。對我們來說，好消息是，是的，你讓一些低收入消費者離開了，但我們也讓高收入消費者參與了我們的業務。然後隨著經濟的好轉，所有的同夥都大量地回到了這個行業。因此，我們沒有失去那些進來的人，我們重新獲得了那些不幸受到一些嚴峻經濟逆風打擊的人。所以我們不會追求傳統意義上的折扣。我們將使用有針對性的 CRM 計劃，我們知道這些計劃會獲得豐厚的回報，並且還會在收到該消息的消費者中發揮重要作用。

So we've seen it work in the past. We believe it will work going forward. And I think, the key thing for us to do through this whole period is execute our basics really well. That's our strongest point of differentiation. Our strongest point of differentiation without a doubt is our culinary, our ingredients, our customization and our speed. We do those things really well, we'll be rewarded with people's business.

所以我們已經看到它在過去起作用。我們相信它將繼續工作。而且我認為，我們在整個時期要做的關鍵是把我們的基礎做得很好。這是我們最大的差異化點。毫無疑問，我們最大的差異化點是我們的烹飪、我們的食材、我們的定制和我們的速度。我們把這些事情做得很好，我們會得到別人的回報。

Very helpful. Jack, just with October disclosure running around mid-single-digit comps. Can you talk about the scenario where you would hit the high end of 4Q same-store sales? The entirety of that driven transactions were to accelerate? Or is there a scenario where you'd look to take pricing in December similar to past years' practices?

非常有幫助。傑克，就在 10 月份披露的數據圍繞中個位數組合運行。您能談談您將達到 4Q 同店銷售額高端的場景嗎？整個驅動的交易都在加速？或者，您是否希望在 12 月採用與過去幾年類似的定價方式？

No. Andrew, when we provided that guidance, we did the -- basically, the analysis and the forecast, it's really all about Brisket. The idea here is that we've got Garlic Guajillo Steak through the entire quarter. And Brisket was very, very successful. But then we ran out. We ran out in mid-November. So when we look at what's going to happen in the second half of November and then as we move into December, those comparisons alone getting easier, gives us the confidence that we can get to -- we think we'll move up. That's why we kind of range-bounded the guidance from the current trend we're writing today, which is mid-single digits, up to high single digits because we do think that easing of comparison is going to lift our comp. But we don't have any incremental pricing into that guidance.

不，安德魯，當我們提供指導時，我們做了 - 基本上，分析和預測，這真的都是關於胸肉的。這裡的想法是我們在整個季度都有大蒜 Guajillo Steak。胸肉非常非常成功。但後來我們跑了。我們在 11 月中旬用完了。因此，當我們看看 11 月下半月會發生什麼，然後隨著我們進入 12 月，這些比較變得越來越容易，讓我們有信心達到 - 我們認為我們會上升。這就是為什麼我們從我們今天所寫的當前趨勢（中個位數到高個位數）對指導進行了範圍限制，因為我們確實認為放寬比較會提高我們的競爭力。但我們在該指南中沒有任何增量定價。

The next question comes from Jon Tower of Citi.

下一個問題來自花旗的 Jon Tower。

Two questions, if I may. First, Jack, I was wondering if you could talk about the total cost basket or buckets that you're looking at for 2023. Obviously, right now, we're seeing some commodities come off the boil and food prices are more favorable than where they were just a few months ago. So I'm curious how you see those persisting into 2023. And then more importantly, on the labor side of the equation, how you see that playing out 2023 versus 2022?

兩個問題，如果可以的話。首先，傑克，我想知道您能否談談您正在尋找的 2023 年的總成本籃子或桶子。顯然，現在，我們看到一些商品已經沸騰，食品價格比哪裡更優惠他們只是幾個月前。所以我很好奇你如何看待那些堅持到 2023 年的人。然後更重要的是，在等式的勞動力方面，你如何看待 2023 年與 2022 年的關係？

Yes. It's tough to predict. I mean in the last year, if you took a look at anybody's crystal ball, nobody really had this figured out and a place just kept coming and coming and coming. It does seem like things are getting closer to stable right now. The areas that I would say there is more upward pressure would be in terms of beef, in terms of our cooking oil. I mean that's still significantly affected by the situation going on in Ukraine and Russia because so much of the oil that we use comes from that area. And then tortillas as well is another area that we're concerned about.

是的。很難預測。我的意思是在去年，如果你看看任何人的水晶球，沒有人真正想到這一點，而且一個地方不斷地來來去去。看起來事情現在越來越接近穩定了。我會說有更多上行壓力的領域是牛肉，就我們的食用油而言。我的意思是這仍然受到烏克蘭和俄羅斯局勢的重大影響，因為我們使用的大量石油來自該地區。然後玉米餅也是我們關注的另一個領域。

Chicken, we feel pretty good about. We do have contracts for chicken. And so we feel good about that. Paper and packaging, that's driven significantly by the cost of freight because most of the packaging comes from overseas, from Asia. And it looks like some of the crazy freight costs that we've been paying in the past are easing.

雞，我們感覺還不錯。我們確實有雞肉的合同。所以我們對此感覺很好。紙張和包裝，這在很大程度上受到運費成本的推動，因為大部分包裝來自海外，來自亞洲。看起來我們過去一直在支付的一些瘋狂的運費正在緩解。

Dairy has been elevated, and so we're optimistic that there will be some additional supply into next year. So there's kind of some pluses and some minuses. Overall, what we're hoping is for mostly stabilization. So if some of the softening in commodity costs can offset some of the pressure we're seeing, especially in beef and cooking oil, and if we could break even for a while and not have to see either margins degrade or have to consider another price increase, that would be fantastic to be in that position for a while.

乳製品價格上漲，因此我們樂觀地認為明年會有一些額外的供應。所以有一些優點和一些缺點。總體而言，我們希望主要是穩定。因此，如果大宗商品成本的一些疲軟可以抵消我們所看到的一些壓力，尤其是在牛肉和食用油方面，如果我們能夠在一段時間內實現收支平衡，並且不必看到利潤率下降或不得不考慮另一個價格增加，在那個位置上呆一段時間真是太棒了。

And then just on labor?

然後只是勞動？

Labor is unpredictable because we thought it was settling into this normal kind of mid-single-digit range, and that's what I'd like to say. And yet as we did analysis, we found these 700 restaurants. So it's about 1/4, a little more than a quarter, a little less than 1/4 in a restaurant that we're having to take $1, $2, $3 increase in starting wages just to make sure that the restaurants were staffed. So with what the Fed is doing, you think that the higher interest rates is going to have an impact on the labor market. And so that would be good news in terms of access to labor. But it's a bit of a well cut.

勞動力是不可預測的，因為我們認為它正在進入這種正常的中個位數範圍，這就是我想說的。然而，當我們進行分析時，我們發現了這 700 家餐廳。因此，大約 1/4，略多於四分之一，略低於 1/4 的餐廳，我們不得不增加 1、2、3 美元的起薪，以確保餐廳有員工。因此，對於美聯儲的所作所為，你認為更高的利率將對勞動力市場產生影響。所以這在獲得勞動力方面是個好消息。但它有點好剪。

Right now, if I had to put a stake in the ground. I would say the inflation expectation would be kind of mid-single digit but there's going to be a caveat to certain pockets throughout the country that we're going to have to do what we have to do. To Brian's point, to make sure those restaurants are staffed. We can train people and we hold on to them once we get them on board.

現在，如果我必須在地上放一根木樁。我會說通脹預期會是個位數的中位數，但對於全國的某些地區來說，我們將不得不做我們必須做的事情。就布賴恩而言，要確保這些餐廳有員工。我們可以培訓人們，一旦我們讓他們加入，我們就會留住他們。

Great. And then just on the comment regarding return to or a chance to get the 10% unit growth over time. I know in the past that the big governor of growth has been human capital, it doesn't sound like that's necessarily the problem any longer. It sounds like it's more related to development headwinds on equipment, construction material, et cetera, and construction labor challenges. So what sort of lead time do you have on that potentially improving? Meaning, how quickly could you ramp that growth if you started seeing, say, all of those things improve?

偉大的。然後只是關於隨著時間的推移返回或有機會獲得 10% 單位增長的評論。我知道過去增長的主要控制者是人力資本，聽起來這不再是問題了。這聽起來更像是與設備、建築材料等方面的發展逆風以及建築勞動力挑戰有關。那麼，對於這種潛在的改進，你有什麼樣的提前期？意思是，如果你開始看到所有這些事情都在改善，你能以多快的速度增加這種增長？

Yes. I mean the inventory is there. So we've got inventory right now that could get us close to, if not all the way to that 10%. But what's happened is 2, 2.5 years -- like before the pandemic, we can open up a restaurant from the time that we go see a site, we like the site, we start serious negotiation to when we get that restaurant open, it could be a 14- or 15-month period. We're now looking at 20, 21, 22 months. So I mean it's a significant increase, and it's because of all the factors that I mentioned in my prepared comments. So the biggest challenge we've had is, frankly, supply. I mean if it's components, for example, for a walk-in cooler or the HVAC, you can't get the restaurant open. There's just no chance of doing that.

是的。我的意思是庫存在那裡。所以我們現在有庫存可以讓我們接近，如果不是一直到那 10%。但是發生的事情是 2 年、2.5 年——就像大流行之前一樣，我們可以開一家餐館，從我們去看一個網站，我們喜歡這個網站，我們開始認真的談判，到我們開張那家餐館，它可以為 14 或 15 個月。我們現在看到的是 20、21、22 個月。所以我的意思是這是一個顯著的增長，這是因為我在準備好的評論中提到的所有因素。因此，坦率地說，我們面臨的最大挑戰是供應。我的意思是，如果是組件，例如，步入式冷卻器或 HVAC，您就無法讓餐廳營業。只是沒有機會這樣做。

So if we see some easing in the supply chain for the materials and the components that we need for the restaurant, that all by itself could knock off a couple of months. But then there's also construction labor. There's also permitting. And so we really need kind of all of those things sort of (inaudible) themselves. But our ability to get the restaurant to open on more of the time line we saw a few years ago was there as long as the rest of the piece is falling into place.

因此，如果我們看到餐廳所需的材料和組件的供應鏈有所緩解，那麼這一切本身可能會推遲幾個月。但也有建築工人。還有許可。所以我們真的需要所有這些東西本身（聽不清）。但是，只要其餘部分都到位，我們就有能力讓餐廳在幾年前看到的更多時間線上開業。

The next question comes from Jared Garber of Goldman Sachs.

下一個問題來自高盛的 Jared Garber。

Brian or Jack, I wanted to just get an update maybe on some of the labor and efficiency tools. I know you talked about it a little bit earlier, but I think on the last call, you had given some more specific updates on the throughput where you are sort of today versus where you were maybe historically and during your peak throughput years. So if you could give us an update maybe on where you are on that and how you see that going forward? And maybe a time frame of how you expect or when you expect maybe to get back towards those pre-food safety levels.

布賴恩或傑克，我只是想了解一些勞動力和效率工具的最新情況。我知道你早些時候談到了它，但我認為在上次電話會議上，你已經對你今天的吞吐量和你可能在歷史上和在你的峰值吞吐量年的吞吐量進行了一些更具體的更新。所以，如果你能給我們一個更新，也許你在這方面的進展以及你對未來的看法？也許您期望的時間框架或您期望的時間框架可能會回到食品前的安全水平。

Yes, sure. So right now, we're running in kind of the low 20s on that MAX 15 measure that we've been talking about. The thing that's nice to see though is in our higher-volume restaurants. Those guys are running now in the high 20s. So if you go back to like 2019, we think there's a real possibility for us to get the entire system in the mid- to high 20s. And then obviously, as we've talked about this many times, when that starts happening, everything around it starts going up, too. And -- so that's what we're after. That's why we're making sure that we've got these restaurants staffed. They're getting trained and that the culture is focused on the standards and the processes that we know result in great throughput, which ultimately means great experiences for our guests.

是的，當然。所以現在，我們正在談論我們一直在談論的 MAX 15 測量的低 20 年代。很高興看到我們的高容量餐廳。那些傢伙現在已經 20 多歲了。因此，如果您回到 2019 年，我們認為我們確實有可能在 20 年代中期到 20 年代中期獲得整個系統。然後很明顯，正如我們多次討論過的那樣，當這種情況開始發生時，它周圍的一切也開始上升。而且——這就是我們所追求的。這就是為什麼我們要確保為這些餐廳配備員工。他們正在接受培訓，文化專注於我們所知道的標準和流程，這會產生巨大的吞吐量，這最終意味著為我們的客人提供出色的體驗。

And I guess, if I could just follow up, is there a way to maybe frame how -- what the traffic trends look like in some of those higher volume stores where you're seeing better throughput versus those lower volume stores just to contextualize it a little bit better?

而且我想，如果我可以跟進，有沒有辦法可能會構建 - 在一些高容量商店中的流量趨勢是什麼樣子的好一點？

We'll just check. We've said every like 4 points, 5 points.

我們只是檢查一下。我們說過每個喜歡 4 分，5 分。

Every 5 transactions.

每 5 筆交易。

Every 5 transactions.

每 5 筆交易。

Gets you a point of comp.

給你一個補償點。

There it is. Every 5 transactions is a point of comp. So that's the way to think about it, Jared.

它在那裡。每 5 筆交易是一個補償點。所以這就是思考的方式，賈里德。

Yes. And Jared, the higher-volume restaurants, they have not just higher volume, they tend to out comp. They tend to be much more predictable. But to Brian's point, they tend to also have more tenured management teams, more tenured crew. So they don't just have the reps in a few of the team. I mean the entire team has been attacked or been with Chipotle for quite some time. So that's why we're pretty confident that if we can get all of our new folks from field leader through the management ranks and into the crew, just get them more reps and more experience. They gain a lot of confidence. They gain skills, and we know the throughput numbers are going to go up.

是的。 Jared 是客流量較大的餐廳，他們不僅客流量更大，而且往往會超過競爭對手。它們往往更容易預測。但在布賴恩看來，他們往往也有更多的終身管理團隊，更多的終身員工。所以他們不只是在團隊中的幾個代表。我的意思是整個團隊都受到攻擊或與 Chipotle 在一起很長一段時間。所以這就是為什麼我們非常有信心，如果我們可以讓我們所有的新人從現場領導者到管理層，再到工作人員，就可以讓他們獲得更多的代表和更多的經驗。他們獲得了很大的信心。他們獲得技能，我們知道吞吐量數字會上升。

That concludes our question-and-answer session. I would like to turn the conference over to the Chairman and CEO, Brian Niccol, for any closing remarks.

我們的問答環節到此結束。我想將會議轉交給董事長兼首席執行官布賴恩·尼科爾 (Brian Niccol) 來做閉幕詞。

Okay. Yes. Thank you. And thanks for all the questions. I appreciate all the conversation on pricing and value. Obviously, it's front and center for us as we navigate kind of the most recent challenges.

好的。是的。謝謝你。並感謝所有的問題。我很欣賞所有關於定價和價值的對話。顯然，在我們應對最近的挑戰時，它是我們的前沿和中心。

The one thing I just want to reiterate is the proposition as it relates to value for Chipotle remains very strong, no matter how you look at it. Whether you look at it on a relative basis to what's competitive pricing look like or you look at it to alternatives like with the grocery store, whether you look at it how new units are opening and how we're performing on that front. But we continue to demonstrate in all areas that the Chipotle brand is strong, and we continue to have a really strong value proposition.

我只想重申的一件事是，無論你怎麼看，它與 Chipotle 的價值相關的命題仍然非常強大。無論您是從相對的基礎上看具有競爭力的價格，還是看它與雜貨店等替代品，無論您是看新單位的開業情況以及我們在這方面的表現如何。但我們繼續在所有領域展示 Chipotle 品牌的強大，我們繼續擁有非常強大的價值主張。

The other thing I just want to emphasize is the focus on having our restaurants staffed, trained and executing against the standards that we know provide a great experience for our customers and our employees is what Project Square One is all about. And the teams are focused on achieving it, which we know then will result in better throughput better experiences for everybody involved.

我只想強調的另一件事是專注於讓我們的餐廳配備員工、培訓和執行我們所知道的標準，為我們的客戶和我們的員工提供良好的體驗，這就是 Project Square One 的全部意義所在。團隊專注於實現它，我們知道這將為所有相關人員帶來更好的吞吐量和更好的體驗。

So the combination of, I think, these 5 strategies we've talked about with the focus on Project Square One and keeping a close eye on our value proposition, I think, sets us up for a very long runway of growth, and we can't be more excited about where our future is headed. And obviously, we'll deal with the headwinds accordingly.

因此，我認為，將我們討論過的這 5 種策略結合起來，重點放在 Project Square One 上，並密切關注我們的價值主張，我認為，這為我們的增長奠定了基礎，我們可以不要對我們未來的發展方向感到興奮。顯然，我們將相應地處理逆風。

So thanks for everybody for taking the time, and we'll talk to you next quarter.

因此，感謝大家抽出寶貴時間，我們將在下個季度與您交談。